v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net earnings $ 18,249 $ 20,399 $ 16,441
Adjustments to reconcile net earnings to net cash provided by operating activities -      
Depreciation 3,962 3,338 2,591
Amortization 272 305 253
Bad debt expense 132 175 316
Deferred income taxes 1,268 1,648 (343)
Net losses (gains) on remeasurement of contingent consideration 24 (3,522) (206)
Net foreign currency transaction losses 279 138 197
Stock-based compensation 1,283 1,201 1,224
Pension contributions (1,282) 0 (1,600)
Pension expense 3,737 3,407 2,836
Other-than-temporary investment impairment 200 0 0
Net gains on sale of marketable securities 0 0 (346)
Impairment of property, plant and equipment 0 93 165
Increase in cash surrender value of life insurance (540) (535) (527)
Changes in operating assets and liabilities, net of effects from acquisitions -      
Accounts receivable 421 (5,586) (1,267)
Inventories 2,048 (2,676) (3,667)
Prepaids and other assets (295) 368 (752)
Accounts payable 2,846 (1,802) 2,141
Accrued liabilities and other (2,858) 1,356 619
Accrued income taxes 80 (320) (932)
Net cash provided by operating activities 29,826 17,987 17,143
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of businesses, net of cash acquired 0 0 (27,023)
Purchase of marketable securities (122) (10) (1,179)
Proceeds from maturities and sales of marketable securities 13,968 7,342 12,963
Life insurance premiums paid (155) (155) (155)
Investment in real estate (3,206) 0 0
Purchase of property, plant and equipment (2,699) (9,540) (8,175)
Net cash provided by (used for) investing activities 7,786 (2,363) (23,569)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Cash dividends paid (3,904) (10,875) (7,155)
Cash dividends paid to noncontrolling interest of subsidiary (205) (233) 0
Shares purchased and retired (4,623) (6,558) (13,021)
Proceeds from stock options exercised 3,932 2,300 1,096
Payment of contingent consideration (1,270) 0 0
Payment of indemnification holdback 0 (2,000) 0
Repayment of debt assumed in acquisition 0 0 (3,814)
Net repayments of commercial paper 0 0 (5,000)
Proceeds from bank borrowings 11,000 33,000 73,000
Repayments of bank borrowings (44,000) (25,000) (36,000)
Income tax benefits from stock-based compensation 570 655 496
Net cash (used for) provided by financing activities (38,500) (8,711) 9,602
Effect of exchange rate changes on cash and cash equivalents (431) 46 3
Net (decrease) increase in cash and cash equivalents (1,319) 6,959 3,179
CASH AND CASH EQUIVALENTS at beginning of year 17,288 10,329 7,150
CASH AND CASH EQUIVALENTS at end of year 15,969 17,288 10,329
SUPPLEMENTAL CASH FLOW INFORMATION:      
Income taxes paid, net of refunds 7,807 8,946 7,989
Interest paid $ 335 $ 442 $ 457